Condos and single-family homes have their similarities, but their differences are many, and you have to account for the latter more when selling each type of property. If you have experience selling a single-family home but haven’t yet gone through the process of selling a condo, here are key things to know about the latter process.
You’ll have less wiggle room with your asking price
In most markets—East Vancouver included—condos are comparatively cheaper than detached houses. This also means that the increase in value is lower in condos than in single-family homes. The lower average price can come as an advantage, as it can appeal to those who intend to downsize, purchase an additional home, or invest in the East Vancouver real estate market.
HOAs are part of the deal
Condos often come bundled with extra fees and requirements that relate to homeowners’ associations or HOAs. The stipulations differ with each HOA, but basically, these spell the repairs and maintenance tasks that will be covered by the monthly dues. It’s not unusual for a buyer to renege on a condo deal if he is uncomfortable with the HOA amount or its bylaws.
Curb appeal is basically kaput
Since condos are part of a building, it’s practically impossible to attract buyers from the street. You won’t be allowed to put a sign out, and even if you were, your sign won’t be able to identify your particular condo. For sure, you’ll need to find a different way of advertising East Vancouver condos for sale.
You’ll need to appeal to the lifestyle of your target buyers
Even though single-family homes require more input from the owner regarding maintenance and repairs, these property types appeal to a broader market. More space and control are two of the obvious reasons—with a detached house, no HOA exists to limit what you can do with your yard or what you can hang on your windows. On the other hand, condos come inclusive with many modern amenities such as fitness centre, clubhouse, and pool—which can be selling points.
Whether you are selling a single-family home or condo, it makes sense to have a savvy real estate agent in your corner. An exceptional agent of homes and condos for sale in East Vancouver will go out of their way to fetch you the best price for your property.
Source:
Prospects of Selling a Condo vs. Single-Family House, TheNest.com